Bybit Sees Over $4 Billion ‘Bank Run’ After Crypto’s Biggest Hack
www.coindesk.com
The exchange, facing a bank run and needing to process withdrawals, worked to secure a loan and developed new software to access frozen funds.

Bybit experienced a $1.5 billion hack and over $4 billion of “bank run,” leading to a total $5.5 billion outflow within the exchange.

Bybit CEO Ben Zhou addressed the incident, highlighting the need for loan coverage, user support, and the impact of a temporary shutdown of Safe wallet functionalities.

The cause of the hack remains unclear, with Bybit investigating whether it was a problem with their laptops or on Safe’s systems.